“When China grew 10% in 2001 it added $126bn to its GDP, equivalent to adding Kazakhstan’s 2010 GDP of $130bn (the 55th-biggest economy in the world) to the world economy. By 2010, China’s 10% annual growth added $891bn, more than the 2010 GDP of the Netherlands, the 16th-largest economy in the world.”

　　“2001年中國(guó)經(jīng)濟(jì)增長(zhǎng)10%，國(guó)內(nèi)生產(chǎn)總值(GDP)增加額1260億美元，對(duì)全球經(jīng)濟(jì)的貢獻(xiàn)相當(dāng)于哈薩克斯坦（全球第55大經(jīng)濟(jì)體）2010年1300億美元的GDP。到2010年，中國(guó)10%的年經(jīng)濟(jì)增長(zhǎng)的增加額為8910億美元，超過(guò)全球第16大經(jīng)濟(jì)體荷蘭2010年的GDP。”

　　This line, from Renaissance Capital, underscores the scale and the pace of China’s economic rise. But while China’s economy is undoubtedly soaring – China Inc. isn’t keeping up.

　　晉新資本(Renaissance Capital)的以上表述，突現(xiàn)出中國(guó)經(jīng)濟(jì)崛起的規(guī)模和步伐。不過(guò)，雖然中國(guó)經(jīng)濟(jì)無(wú)疑是在迅速崛起，但中國(guó)的公司卻沒(méi)有跟上。

　　A trawl through the sector rankings of global companies by market cap shows that, save for a few particular areas, Chinese corporates are still way behind, not just developed market peers, but some emerging market companies too.

　　將全球企業(yè)按市值分行業(yè)排序，就能看出除了在幾個(gè)特殊板塊之外，中國(guó)公司的排名仍明顯落后——不僅落后于發(fā)達(dá)國(guó)家的同行，也落后于一些來(lái)自新興市場(chǎng)的企業(yè)。

　　In basic resources, China has just four companies in the top 50 – Shenhua Energy, the coal giant, comes in a No.6. The other three China entrants are all much further down, China Coal (No. 43), Yangzhou Coal (No. 46), and Chinalco (No. 49).

　　在基本資源板塊，排名前50的僅有4家中國(guó)公司——煤炭巨頭中國(guó)神華(Shenhua Energy)排名第六。另外三家中國(guó)公司的位置更加落后，中煤能源(China Coal)位列43、兗州煤業(yè)(Yanzhou Coal)位列46，中鋁(Chinalco)則排名49。

　　In consumer goods China fares even worse. Only the spirits maker Moutai makes it into the top 50, and that’s at a lowly 48th place.

　　在消費(fèi)品板塊，中國(guó)公司的表現(xiàn)更糟。位于前50位的只有生產(chǎn)白酒的茅臺(tái)(Moutai)一家，而且僅僅排在48位。

　　China does have the world’s biggest airline by equity value - Air China. But in the wider consumer services sector, it ranks at a disappointing 41st.

　　中國(guó)的確擁有全球市值最大的航空公司——中國(guó)國(guó)際航空公司(Air China)。不過(guò)在范圍更廣的消費(fèi)服務(wù)板塊，國(guó)航的排名也不盡人意——僅僅位列41位。

　　In financials, China scores high, where its banks occupy the No.1 and the No.2 spot. All-in-all eight Chinese financials feature in the top 50, of which four come in the top ten.

　　在金融板塊，中國(guó)的成績(jī)搶眼，中國(guó)的銀行占據(jù)了排名榜的前兩位?？偣灿?家中國(guó)金融企業(yè)位列前50名，其中有4家位居前10。

　　In both the healthcare sector and the industrials sector, China Inc. is completely absent.

　　在醫(yī)療和工業(yè)板塊，中國(guó)企業(yè)均榜上無(wú)名。

　　In oil & gas Petrochina sits at No.2 – behind Exxon Mobil. During the Shanghai stock market bubble (which popped in 2007), Petrochina briefly overtook Exxon as the world’s most valuable company. Exxon now has a near $100bn lead over its Chinese rival. Sinopec and Cnooc both feature in the top 50, making a surprisingly low total of just three.

　　石油天然氣板塊，中國(guó)石油(PetroChina)位列第二，僅次于?？松梨?Exxon Mobil)。上海股市泡沫期間，中國(guó)石油曾短暫超越埃克森美孚，成為全球價(jià)值最高的企業(yè)。目前?？松梨诘氖兄当冗@家中國(guó)對(duì)手高出近1000億美元。中國(guó)石化(Sinopec)和中海油(Cnooc)均位于前50位，但總計(jì)只有三家企業(yè)上榜，這一表現(xiàn)也是差得驚人。

　　In technology, Tencent places highest at No.15, Baidu at No.17 and ZTE down at No.47.

　　在科技板塊，騰訊(Tencent)排名最高位列15，百度(Baidu)排名17，而中興通訊(ZTE)的排名僅為47。

　　The telecomms sector sees a return to form – China Mobile sitting pretty at the top of the list, with China Telecom and China Unicom both coming in the top 15. China United Networks (the Shanghai listing of Unicom) also makes the list.

　　從電信板塊可以看出中國(guó)企業(yè)的回歸——中國(guó)移動(dòng)(China Mobile)穩(wěn)坐榜首，中國(guó)電信(China Telecom)和中國(guó)聯(lián)通(China Unicom)也都排在前15名之內(nèi)。中國(guó)聯(lián)通在上交所上市的名下企業(yè)中國(guó)聯(lián)合網(wǎng)絡(luò)通信(China United Networks)也榜上有名。

　　Finally, even in power hungry China, only one mainland outfit sits in the top 50 utilities companies – China Yangtze.

　　 最后，在亟需電力的中國(guó)，僅有一家大陸企業(yè)長(zhǎng)江電力(China Yangtze)躋身電力企業(yè)的前50名。

　　All told, that’s just 26 listed Chinese companies in the world’s top 50 largest companies in the world across 10 sectors, ranked by market capitalisation.

　　總而言之，按市值排序，全球十大板塊中最大的前50家公司中，僅有26家中國(guó)上市公司。

　　China’s economy is increasingly mighty. But its immature stock market, which opened for business just over two decades ago, remains dominated by a small cluster of state-owned companies. And over the border in Hong Kong, China’s listed giants are concentrated in two sectors: state-owned resources and state-owned financials. Only in media and technology, through New York-listed Baidu and Tencent, is China’s private sector truly competing with the rest of the world’s finest.

　　中國(guó)經(jīng)濟(jì)越來(lái)越強(qiáng)大，但中國(guó)股市20多年前才剛剛建立，尚不成熟，目前仍然由少數(shù)的國(guó)有企業(yè)主導(dǎo)。即使在大陸之外的香港，上市的中國(guó)大型企業(yè)也集中于兩大板塊：國(guó)有資源企業(yè)和國(guó)有金融企業(yè)。只有在傳媒和科技板塊，通過(guò)在紐約上市的百度和騰訊，中國(guó)私營(yíng)部門才真正地與全球最佳企業(yè)展開(kāi)競(jìng)爭(zhēng)。